ASC finds that Shahin Mottahed breached Alberta securities laws

EmitenTrust.com CALGARY, AB, Oct. 7, 2026 /CNW/ -- An Alberta Securities Commission (ASC) panel has found that Shahin "Sonny" Mottahed of Calgary, AB, breached Alberta securities laws.

The panel found that, while CEO of a reporting issuer formerly known as Target Capital Inc. (Target), Mottahed perpetrated a fraud on Target's investors. Between October 7, 2019 and February 9, 2021, and without the knowledge or approval of Target's board, Mottahed diverted nearly $2.3 million from Target to Performance CBD Brands Corp. (Performance). Performance was a private business venture controlled by Mottahed, and the money was used for its benefit and that of its subsidiary, Champions + Legends Corp.

Mottahed concealed the diversion of funds from investors and the capital market by causing Target to issue false or misleading disclosure documents, including certain financial statements and news releases. Mottahed was also responsible for providing a false and misleading document to ASC staff.

The proceeding will now move into a second phase to determine what, if any, orders for sanctions or cost recovery ought to be made against Mottahed. The timing of the next steps will be set after hearing from the parties.

A copy of the decision is available on the ASC website at asc.ca.

Allegations made against Target's former CFO, Colin Garfield Wagner, were resolved by settlement agreement in September 2025.

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

SOURCE Alberta Securities Commission